Posted on 05/21/2010 7:21:54 PM PDT by NormsRevenge
EconomicPolicyJournal.com has learned that 32 states have run out funds to make unemployment benefit payments and that the federal governmant has been supplying these states with funds so that they can make their payments to the unemployed. In some cases, states have borrowed billions. As of May 20, the total balance outstanding by 32 states (and the Virgin Islands) is $37.8 billion.
The state of California has borrowed $6.9 billion. Michigan has borrowed $3.9 billion, Illinois $2.2 billion.
Below is the full list of the 32 states (and the Virgin Islands) that have borrowed from the Fed to make unemployment payments, and the amounts that remain borrowed as of May 20 . (Numbers in red are billions)
(Excerpt) Read more at economicpolicyjournal.com ...
...the Dems will keep the unemployment checks flowing indefinately...they would rather do that then create jobs.
Well the states know that the Feds can just print more! problem solved!
I’m disappointed to see that Texas has borrowed a billion.
Hey, the feds got plenty of money. Hell, they either grow it on trees or print it themselves.
Well, that’s 32 states that are vassals of the fed.
The founders must be spinning in their graves. Again. and Again.
Anyone up to doing an analysis on Red State vs. Blue State? Perhaps normalizing over popultation or congressional seats?
Just wait until the unfunded mandates caused by the HC Reform bill are added to the tab! Vassalage will look good.
Barak is the greatest master of all time.
Debt is the basis of a sound economy
Okay, I’m laughing as I write that!! I can’t do it.
TEXAS??? We are required to balance the budget every year. How in the world can this happen.
NICE!!!!!!!
Only 25 more states to go.............
:}
More people unemployed, less paying in more taking out and the new Washington DC mandate extending benefits to the end of the year.
A few years ago Kansas ranked #1 in unemployment benefit overpayments.
Hmmm, didn’t see this coming.
Alabama $ 283 million
Arkansas 330 million
California 6.9 billion
Colorado 253 million
Connecticut 498 million
Delaware 12 million
Florida 1.6 billion
Georgia 416 million
Idaho 202 million
Illinois 2.2 billion
Indiana 1.7 billion
Kansas 88 million
Kentucky 795 million
Maryland 133 million
Mass. 387 million
Michigan 3.9 billion
Minnesota 477 million
Missouri 722 million
Nevada 397 million
New Jersey 1.7 billion
New York 3.2 billion
N.C. 2.1 billion
Ohio 2.3 billion
Penn. 3.0 billion
R.I. 225 million
S.C. 886 million
S.D. 24 million
Tennessee 21 million
Texas 1.0 billion
Vermont 33 million
Virginia 346 million
Virgin Islands 13 million
Wisconsin 1.4 billion
Total $37.8 billion
Red county v. blue county would be more accurate. At least as far as Commiefornia is concerned.
Ditto. Another $1 billion spent and Texas will have to find a way to make up the nearly $13 billion budget shortfall during the next session of the Texas Legislature. Texas only has about $9 billion in it’s so-called ‘rainy day’ fund. Before these ‘geniuses’ decide to raise taxes and fees on those of us that work, try cutting all the unnecessary spending(parks, recreation, etc.). If that doesn’t work, they can then tell all state agencies to cut their staffing by 25%. Private industry does it all the time.
In short, make do with less. When you run out of money, you stop spending. Why can’t the government?
States are borrowing from thwe fed, but where is the fed borrowing it from? China? And these are states that are already have huge budget shortfalls.
This is getting absurd. Some are forcasting the economy to collapse this summer. Be ready. Prepare. And hope it hangs on.
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